Ukraine's inflation dropped to 17.6% y/y in April

Ukraine's inflation dropped to 17.6% y/y in April
Ukraine's inflation continues to fall to 17.6% y/y in April but remains stubbornly high / NBU
By Dominic Culverwell in London May 12, 2023

Annual inflation in Ukraine dropped to 17.6% in April, down from 21.3% in March, Interfax Ukraine reported on May 10. (chart)

Core inflation fell to February levels of 0.5%, down from 1.5% in March. The prices of consumer goods slowed down to 0.2%, dropping from 1.5% in March.

Prices for food products and non-alcoholic beverages rose by 0.4%, with pork increasing the most by 7.4%, Ukraine Business News reported. Beef, poultry, fermented milk, soft drinks, fish and fish, bread and vegetables also saw a steady rise to 1.8%, a 0.3% increase. Tobacco and alcohol prices firmed by 1%, as did healthcare products.

However, egg prices dropped by 8.7%, whilst processed grain products, sunflower oil, fruit, rice, milk and sugar fell to 1.9%, a 0.3% decrease. Public transport prices also decreased, dropping by 0.7% thanks to a 2.4% price drop in fuel and lubricant. But prices for train tickets increased by 0.8%.

The National Bank of Ukraine (NBU) believes inflation will drop to 14.6% this year, a revision of its previous prediction of 18.7% in December. 

This is due to the NBU’s monetary policy, in addition to the rapid recovery of Ukraine’s energy sector, according to National Bank Governor Andriy Pyshnyy. In addition, energy prices have fallen and consumer demand has declined.

The NBU has been keeping its interest rates high in an effort to tackle inflation as well as maintain the stability of the currency.

With inflation declining and the energy sector under control, Ukrainian businesses have expressed optimism that their production will grow. The index of expectations of business activity (IODA), which the NBU calculates every month, increased to 51.5 points last month, up from 49.5 points in March.

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Data

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Russian service providers recorded a modest expansion in business activity during November, according to the latest PMI survey from S&P Global, but the rate of growth slowed somewhat from October.

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Independent group ENAG calculates 129% y/y.

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